Exhibit (11)
McKESSON CORPORATION
COMPUTATION OF EARNINGS PER COMMON SHARE
(unaudited)
(in millions except per share amounts)
Three Months Six Months
Ended Ended
September 30 September 30
-------------- --------------
1997 1996 1997 1996
------ ------ ------ ------
FULLY DILUTED EARNINGS PER SHARE
Income after taxes from
continuing operations $ 39.6 $ 25.8 $ 77.2 $ 4.4
Dividends on preferred securities
of subsidiary trust 1.5 - 3.1 -
Income from discontinued operations - 2.3 - 5.6
----- ----- ----- -----
Total $ 41.1 $ 28.1 $ 80.3 $ 10.0
===== ===== ===== =====
Fully diluted shares
Common shares outstanding (1) 48.2 43.8 48.1 44.6
Convertible preferred securities
- dilutive 2.7 - 2.7 -
----- ----- ----- -----
Total 50.9 43.8 50.8 44.6
===== ===== ===== =====
Fully diluted earnings per share
Continuing operations $ 0.80 $ 0.59 $ 1.58 $ 0.10
Discontinued operations - 0.05 - 0.12
----- ----- ----- -----
Total $ 0.80 $ 0.64 $ 1.58 $ 0.22
===== ===== ===== =====
PRIMARY EARNINGS PER SHARE
Income after taxes
Continuing operations $ 39.6 $ 25.8 $ 77.2 $ 4.4
Discontinued operations - 2.3 - 5.6
----- ----- ----- -----
Total $ 39.6 $ 28.1 $ 77.2 $ 10.0
===== ===== ===== =====
Primary shares
Common shares outstanding (1) 48.0 43.8 47.8 44.6
===== ===== ===== =====
Primary earnings per share
Continuing operations $ 0.82 $ 0.59 $ 1.61 $ 0.10
Discontinued operations - 0.05 - 0.12
----- ----- ----- -----
Total $ 0.82 $ 0.64 $ 1.61 $ 0.22
===== ===== ===== =====
(Continued)
Exhibit (11)
McKESSON CORPORATION
COMPUTATION OF EARNINGS PER COMMON SHARE
(unaudited)
(in millions except per share amounts)
Three Months Six Months
Ended Ended
September 30 September 30
-------------- --------------
1997 1996 1997 1996
------ ------ ------ ------
PRO FORMA ADJUSTED TO REFLECT
DECLARED STOCK SPLIT (2)
Fully diluted shares
Common shares outstanding (1) 96.4 87.6 96.2 89.3
Convertible preferred securities
- dilutive 5.4 - 5.4 -
----- ----- ----- -----
Total 101.8 87.6 101.6 89.3
===== ===== ===== =====
Fully diluted earnings per share
Continuing operations $ 0.40 $ 0.29 $ 0.79 $ 0.05
Discontinued operations - 0.03 - 0.06
----- ----- ----- -----
Total $ 0.40 $ 0.32 $ 0.79 $ 0.11
===== ===== ===== =====
PRIMARY EARNINGS PER SHARE
Primary shares
Common shares outstanding (1) 96.1 87.6 95.7 89.2
===== ===== ===== =====
Primary earnings per share
Continuing operations $ 0.41 $ 0.29 $ 0.81 $ 0.05
Discontinued operations - 0.03 - 0.06
----- ----- ----- -----
Total $ 0.41 $ 0.32 $ 0.81 $ 0.11
===== ===== ===== =====
(1) Common shares outstanding have been computed by adding the
monthly averages (beginning of the month plus end of the month
divided by 2), dividing the aggregate by 3 or 6, as
appropriate, and, adjusting this total for dilutive stock
options using the treasury stock method based on the greater
of the common share price at the end of the period or the
average common share price during the period (fully diluted)
and on the average common share price during the period
(primary).
(2) On October 29, 1997 the Company's board of directors declared
a 2 for 1 split of the Company's common stock effective
January 2, 1998 to shareholders of record on December 1, 1997.
(Concluded)